Spire Inc (SR)

Debt-to-equity ratio

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	3,704,400	3,422,300	3,421,400	3,247,800	3,554,000	3,553,300	3,702,500	3,156,300	2,958,500	3,207,900	3,207,300	3,206,800	2,939,100	2,939,000	2,692,500	2,517,600	2,423,700	2,478,300	2,484,800	2,484,400
Total stockholders’ equity	US$ in thousands	3,232,700	3,333,200	3,390,300	3,050,800	2,917,300	2,932,500	2,986,500	2,864,100	2,818,500	2,845,900	2,841,200	2,669,800	2,658,200	2,697,100	2,731,300	2,586,800	2,522,300	2,558,400	2,665,600	2,586,000
Debt-to-equity ratio		1.15	1.03	1.01	1.06	1.22	1.21	1.24	1.10	1.05	1.13	1.13	1.20	1.11	1.09	0.99	0.97	0.96	0.97	0.93	0.96

September 30, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $3,704,400K ÷ $3,232,700K
= 1.15

The debt-to-equity ratio for Spire Inc has fluctuated over the past 20 quarters, ranging from a low of 0.96 to a high of 1.24. Generally, the company has maintained a ratio above 1, indicating that it has relied more on debt financing than equity to fund its operations and growth.

The ratio peaked at 1.24 in the first quarter of 2023 and hit a recent low of 0.96 in the third quarter of 2020. This suggests that Spire Inc has been managing its debt levels relative to equity over time, with some periods showing higher leverage than others.

It is important to further investigate the reasons behind these fluctuations in the debt-to-equity ratio to assess whether the company's debt levels are sustainable and if there are any potential risks associated with its financing structure.